Building Details

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Listing Agency: Helmsley Spear of Long Island

Listed By: David Sargoy · License #NY Show Phone

Source: Crexi

Added: Feb 10, 2022 Changed: Oct 5 Last Checked: Oct 16 at 6:21AM

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Investment Insights

Based on property information with market context.

This 6,225 square-foot flex space is suitable for industrial, research and development, office, or medical use. The property is located one block from Jamaica Avenue and in close proximity to JFK airport.

Key Highlights

• Ideal for industrial, R&D, office, or medical use
• Located 1 block from Jamaica Ave
• Close proximity to JFK

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$98,809

Cap Rate

4.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,976,180 $2.0M

Cap Rate 7%

$1,411,557 $1.4M

Cap Rate 9%

$1,097,878 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,225 SF

Gross rent

$164.3K $26.40/SF

− Vacancy

−$12.3K −$1.98/SF

EGI

$152.0K $24.42/SF

− OpEx

−$53.2K −$8.55/SF

NOI

$98.8K $15.87/SF

Area

Queens County, NY

Vacancy

7.50%

Lease Rate

$26.40 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,976,180

Cap Rate 7%

$1,411,557

Cap Rate 9%

$1,097,878

Alternative Uses

Best Use

Flex RnD

$1.41M

$1.24M – $1.65M (±1% cap)

NOI $98,809 @ 7.0% cap · market cap 4.49%

Second Best

Industrial

$559.4K

$489.5K – $652.7K (±1% cap)

NOI $39,161 @ 7.0% cap · market cap 1.78%

Theoretical Best

Office A

$4.59M

$4.02M – $5.35M (±1% cap)

NOI $321,240 @ 7.0% cap · market cap 14.60%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Law Firm Gym & Fitness Center Skin Care Clinic Parking Lot & Garage Acupuncture (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,658

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 11429, NY

25,895

Population

8,601

Households

3

Avg Household Size

41

Median Age

27%

College-Educated

84%

High-School Grad

1.3 sq mi

ZIP Area

19,919

Density / Sq Mi

$98,232

Median Household Income

$45,053

Median Earnings

$1,605

Median Rent

$646,200

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Similar Off Market Nearby

• Auntie Coleen's Kitchen LLC — 11329 205th St, St. Albans, NY 11412
• LabadI Restaurant & Lounge (CORMIER) — 207-13 Jamaica Ave, Queens Village, NY 11428
• Our Village Roti Shop — 21161 Jamaica Ave, Queens Village, NY 11428
• Antun’s — 96-43 Springfield Blvd, Queens, NY 11429

Frequently Asked Questions

What type of property is this?

Flex space - Flex space suitable for industrial, R&D, office, or medical use.

Where is this flex space located?

The property is located at 213-08 99th Ave Queens, NY.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: Ideal for industrial, R&D, office, or medical use; Located 1 block from Jamaica Ave; Close proximity to JFK